Doubling down on incompetence

What else is he going to say, I suppose, but say it he did: Labor’s record spending while in power has been used as an attack for years. Wayne Swan, responsible for the debt, says he’s proud of it. That is exactly what he said in his Swan Song, his final speech to Parliament.

The man responsible for the billions lost on school halls and pink batts, and up to his ears in the NBN disaster is proud of his legacy of debt and the subsequent years of slow growth. The fall in real incomes across the labour force even today is his legacy. There are unfortunately Keynesians everywhere. But if he thinks he has left behind a how-to manual on dealing with a downturn then that is the greatest worry of all.

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23 Responses to Doubling down on incompetence

  1. flyingduk

    Get guns gold n bitcoin, they’re going to be coming for your money.

  2. Peter Greagg

    The stupid, it burns!
    He would have done less damage if he had just set fire to a pile of $100 notes.

  3. Neil

    The worst thing is that 53% of the population agree with him

  4. 70s Playboy

    I had interesting conversation with my accountant yesterday. One of his clients is constantly on the phone with him trying to work out the implications and consequences of the franking credit policy. She works for the federal ALP. They know so little about the policy that they dare making it up on the run as they respond to the media.

    Apparently nobody knows the actual shape and effects of the policy. They’re just winging it without even realising the damage they will be inflicting.

    None of the ALP bastards know anything and they are taking this to the election aided by innumerate journalists who are too incompetent to take apart the figures are even do the most basic research with the help of a friendly accountant. Take Leigh Sale’s interview with Bowen the other night on 7:30 FFS.

  5. When it comes to Labor and pretty much the LNP as well, they both seem to be cut from the same cloth nowadays.

  6. thefrollickingmole

    No skin in the game.

    Sums up why we are where we are beautifully.
    You can be a saint among men as long as you are willing to see other people pay for your salvation.

  7. Rafe Champion

    Bowen has for years been promising to implement Keynesian policies as soon as he can.

    Last one out, turn off the lights.

    If they are still on.

  8. BoyfromTottenham

    Off topic, but huuuge news.
    Today on ZeroHedge an article titled ‘CBS News chief foreign affairs correspondent Lara Logan has broken ranks and admitted that journalists have lost their objectivity and become “political activists.”
    Read all about it here: https://www.zerohedge.com/news/2019-02-19/cbs-news-chief-policital-correspondent-breaks-ranks-admits-journalists-are-now
    Here is another couple of quotes:
    “85% of journalists are registered Democrats,” Logan said. “How do you know you’re being lied to? How do you know you’re being manipulated? How do you know there’s something not right with the coverage? When they simplify it all [and] there’s no grey. It’s all one way. Well, life isn’t like that. If it doesn’t match real life, it’s probably not. Something’s wrong. For example, all the coverage on Trump all the time is negative. … That’s a distortion of the way things go in real life.” “There’s no grey. It’s all one way,” said Logan.
    She also admitted that journalists today are more or less lobbyists for liberal interests, adding that the weight of the liberal media machine overwhelms “the other side” unless people actively seek outlets such as Breitbart.

    At last – a bit of truthiness about the huge scale of biased lefty reporting. Maybe now someone will have the cojones to blow the whistle on ‘Our ABC’. Hopefully before the federal election!

  9. Cynic of Ayr

    I have a question from the more learned members of this fine forum, which may mean all of you.
    I understand that Franking Dividends is a Company decision. That is, there is no requirement for them to do so.
    If that is the case, the solution seems simple enough to me. Just don’t frank dividends!
    Any shareholder who receives dividends, declares the dividends as income, and, if above the tax threshold, pays their appropriate rate of tax.
    Any shareholder who does the same, but is below the tax threshold, pays no tax.
    As I said, this depends on there being no requirement – law – to frank dividends.
    The Labor Party’s stance on this is mind boggling stupid.
    Shorten is dimwitted enough to declare that the franking of dividends was not meant to be cash returned from the ATO.
    Bullshit! The ATO returns cash for all overpaid taxes.

  10. Iampeter

    NBN? Pink Batts? Really?
    I would think if you opposed crazy leftist policies, you’d be talking about forcibly disarming Australia’s citizens, or building the green bureaucracy, or creating middle class welfare.
    It’s hard to oppose leftism when you don’t really understand the concept and so don’t realize the most devastating left wing policies in this country were implemented by Australia’s “last true Conservative government.”

    Much more than the shallow, “boo labor” level of understanding is needed.

  11. Iampeter

    Also as someone who argues the “economic benefits” of tariffs, you can’t now argue against the same nonsense with pink batts.
    SMH.

  12. Peter Greagg

    Cynic of Ayr
    #2939389, posted on February 20, 2019 at 6:30 pm
    I have a question from the more learned members of this fine forum, which may mean all of you.
    I understand that Franking Dividends is a Company decision. That is, there is no requirement for them to do so.
    If that is the case, the solution seems simple enough to me. Just don’t frank dividends!
    Any shareholder who receives dividends, declares the dividends as income, and, if above the tax threshold, pays their appropriate rate of tax.
    Any shareholder who does the same, but is below the tax threshold, pays no tax.
    As I said, this depends on there being no requirement – law – to frank dividends.
    The Labor Party’s stance on this is mind boggling stupid.
    Shorten is dimwitted enough to declare that the franking of dividends was not meant to be cash returned from the ATO.
    Bullshit! The ATO returns cash for all overpaid taxes.

    Companies pay tax at 30% of taxable profit (revenue less allowable expenses), even if the company doesn’t pay any dividends at all. So the company tax (if applicable) is always paid.

    The decision to pay a dividend (ie to distribute some or all of its after tax profit) is for the company to make. Usually about half of after tax profit is returned to the shareholders as dividends.

    The shareholder adds the dividend to their taxable income, as well as adding the franking credit to the tax paid, in the same way as other amounts of tax that is withheld (eg income tax).

    Unused franking credit sit on the companies balance sheet as an asset. If these aren’t used, the shareholders missout on the credit for the company tax paid on their behalf.
    Lots of big companies have large amounts of franking credits they haven’t used yet. If it looks likely that the Labor (sic) changes to the treatment of franking credits will happen, I expect companies will try and run these balances down to zero.

    Hope this makes sense.

  13. Jannie

    Wayne Swan announced a budget surplus. 500 times. That’s all I remember.

  14. Neville

    Caught a small slice on the car radio of Swan blathering on.
    One it that made my ears prick up was when he mentioned something about the ‘delight’ of all Keynesian economists on some action of his and his govt.
    SMH
    The man must be, in my opinion, one of the most incompetent imbeciles that ever festooned an otherwise fairly straightforward parliament.

  15. Rusty of Qld

    Howard left him 10 Billion dollars in the bank when he took over. He blew many more 10’s of Billions on the credit card and not a decent bit of major nation building infrastructure to show for it.
    Here’s a little taste of Swannies work.
    25.9.2012
    Terry McCrann has more figures to worry about:
    TREASURER Wayne Swan: four budgets, four deficits, adding up to a staggering total of $173 billion on the national credit card.

  16. Overburdened

    Swan needs a slow and painful experience in the Overburdened Behavioural Modification Unit.
    Naturally he will have a comfortable retirement and feather the bed for his kids.

  17. TBH

    It is hard to express how much contempt I have for Wayne Swan. Some people really are aggressively stupid and he is one of them. Absolutely no understanding of economics or the consequences of decisions. The bloke probably has difficulty adding up the numbers on his tax return.

  18. Anthony

    Rusty of Qld
    #2939497, posted on February 20, 2019 at 8:22 pm
    Howard left him 10 Billion dollars in the bank when he took over.

    I think it was actually $20 Billion. Didn’t slow them down though, eh?

  19. Cynic of Ayr

    Peter Greagg:
    Thanks for your reply. Two things spring out.
    The decision to pay a dividend (ie to distribute some or all of its after tax profit) is for the company to make. Usually about half of after tax profit is returned to the shareholders as dividends.
    Unused franking credit sit on the companies balance sheet as an asset. If these aren’t used, the shareholders missout on the credit for the company tax paid on their behalf

    One, the Company can decide to pay dividends in full, which would suffocate Shorten’s plan to tax people below the Tax Threshold.
    Two, it looks like there is an advantage to the Company, to frank dividends. You said the Company considers unclaimed franking credits as an asset.
    This is interesting because, an increase in asset can/is considered profit (i.e. if the shopkeepers asset – his stock – increases, it’s considered profit.) and therefor is taxable?
    Andddd… if the franking is never claimed, does the Company keep the money? This may be a reason for a Company to continue to frank, because it’s an advantage to them, rather than not to frank, because it’s only an advantage to some of it’s shareholders.
    Shorten has opened a can of worms that I sincerely hope will bite his tiny little arse.

  20. Percy Popinjay

    The bloke probably has difficulty adding up the numbers on his tax return.

    You’ve obviously never witnessed the disturbing footage of Swansteen heroically doing battle with a supermarket docket – and losing.

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